Canadian Imperial Bank of Commerce (NYSE:CM) Given New $167.00 Price Target at Royal Bank Of Canada

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) had its price objective upped by analysts at Royal Bank Of Canada from $147.00 to $167.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 56.95% from the company’s previous close.

CM has been the subject of a number of other research reports. Scotiabank cut Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Monday. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, May 22nd. Finally, Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock traded down $2.34 during midday trading on Monday, hitting $106.40. The company’s stock had a trading volume of 72,532 shares, compared to its average volume of 1,264,239. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average price is $105.94 and its 200-day moving average price is $97.53. Canadian Imperial Bank of Commerce has a 12 month low of $67.30 and a 12 month high of $117.05. The company has a market capitalization of $97.34 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 1.15 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same period last year, the firm posted $2.05 earnings per share. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. Analysts anticipate that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. CIBC Bancorp USA Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $11,217,000. Mackenzie Financial Corp grew its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank’s stock worth $509,763,000 after purchasing an additional 67,738 shares in the last quarter. Legal & General Group Plc increased its holdings in Canadian Imperial Bank of Commerce by 2.0% in the 4th quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank’s stock valued at $587,790,000 after buying an additional 125,069 shares during the period. Cidel Asset Management Inc. raised its position in Canadian Imperial Bank of Commerce by 12.2% during the third quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank’s stock valued at $40,632,000 after purchasing an additional 55,138 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in Canadian Imperial Bank of Commerce by 34.8% during the third quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank’s stock valued at $134,760,000 after purchasing an additional 435,799 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.